Weekly Market Insight

Latest Economic & Market Update 15th February 2021

15th February 2021

Good afternoon, it is February 15th 2021 and here is your economic and market update from BlackBee. 

Today’s focus:

  • Irish exports surge to record high in 2020 despite pandemic.
  • Wall Street continues to advance to fresh record highs.

Despite the global pandemic, the value of Irish exports reached a record high of €160.814bn last year. This represents an increase of €8.28bn (+5%) from 2019. Medical and pharmaceuticals products were the largest category of exports accounting for 39% (€62.078bn) of total exports, significantly increasing by 25% (€12.557bn) from 2019 levels. Imports of goods decreased by -6% (€5.495bn) from 2019 levels. Imports of Other transport equipment including aircraft were valued at €12.711bn in 2020 accounting for 15% of total imports. This represents a 41% decrease (€8.759bn) from 2019 levels. Imports of Petroleum also experienced a large decline as imports fell 40% (€1.732bn) to €2.584bn. (Source: CSO).

Wall Street continued to advance last week with the S&P500 and Nasdaq closing the week at record highs. Led by energy, materials and financials, the S&P500 climbed 0.5% on Friday while the Nasdaq climbed 0.5%. According to EPFR data collated by Bank of America, a record $58bn was poured into global stock funds last week by investors with the US being the main recipient. Italian bonds also rallied last week on the prospect of a national unity government in Rome led by former president of the ECB, Mario Draghi. The yield on Italy’s 10 year debt fell to a record low of 0.4% before ending the day at 0.5%. With the expectation of increased demand due to government stimulus and the rollout of vaccines, the price of oil continued to climb. The WTI rose 2.1% on Friday to $59.47 while crude oil also climbed 2.1% to $62.43, its highest level since January 2020. (Source: FT).

Best & Worst Performers of Large Cap US Stocks on Friday
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Global Market Update
(as at close of markets 12/02/2021)